Solar Alliance announces closing of second tranche of private placement
July 19 2024 - 5:00PM
Solar Alliance Energy Inc. (‘Solar Alliance’ or the
‘Company’) (TSX-V: SOLR), a leading solar energy solutions
provider focused on the commercial and industrial solar sector, is
pleased to announced that, further to its news release of May 14,
2024 and June 27, 2024, it has closed the second tranche (the
“
Second Tranche”) of its non-brokered private
placement of up to 20,000,000 units of the Company (the
“
Units”) at a price of C$0.05 per Unit for gross
proceeds of up to C$1,000,000 (the “
Offering”). An
aggregate of 9,000,000 Units were sold under the Second Tranche for
Second Tranche gross proceeds of C$450,000.
Each Unit is comprised of one (1) common share
of the Company (a “Common Share”) and one (1)
Common Share purchase warrant (a “Warrant”). Each
Warrant entitles the holder thereof to acquire one (1) Common Share
(a “Warrant Share”) at an exercise price of C$0.07
per Warrant Share at any time for a period of thirty-six (36)
months following the closing of the applicable tranche of the
Offering. Closing of the third tranche of the Offering is expected
to be on or before July 31, 2024 or such other date or dates that
that the Company may determine.
The Company intends to use the net proceeds from
the Offering for general corporate and working capital purposes.
Completion of the Offering is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including the approval of the TSX Venture Exchange (the
“TSXV”) and applicable securities regulatory
authorities.
The Units sold under the Second Tranche were
offered by way of the “listed issuer” financing exemption (the
“Listed Issuer Exemption”) under National
Instrument 45-106 – Prospectus Exemptions (“NI
45-106”) and therefore are not subject to a hold period
under applicable Canadian securities laws.
There is an offering document related to the
Offering that can be accessed under the Company’s profile at
www.sedarplus.ca and on the Company’s website at
www.solaralliance.com. Prospective investors should read this
offering document before making an investment decision.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended, or any state securities laws and may not be offered or
sold within the United States or to or for the account or benefit
of a U.S. person (as defined in Regulation S under the United
States Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such
registration is available.
Myke Clark, CEO
For more information:
Investor RelationsMyke Clark,
CEO416-848-7744mclark@solaralliance.com
About Solar Alliance Energy Inc.
(www.solaralliance.com)
Solar Alliance is an energy solutions provider
focused on the commercial, utility and community solar sectors. Our
experienced team of solar professionals reduces or eliminates
customers' vulnerability to rising energy costs, offers an
environmentally friendly source of electricity generation, and
provides affordable, turnkey clean energy solutions. Solar
Alliance’s strategy is to build, own and operate our own solar
assets while also generating stable revenue through the sale and
installation of solar projects to commercial and utility customers.
The Company currently owns two operating solar projects in New York
and actively pursuing opportunities to grow its ownership pipeline.
The technical and operational synergies from this combined business
model supports sustained growth across the solar project value
chain from design, engineering, installation, ownership and
operations/maintenance.
Statements in this news release, other than
purely historical information, including statements relating to the
Company's future plans and objectives or expected results,
constitute Forward-looking statements. The words “would”, “will”,
“expected” and “estimated” or other similar words and phrases are
intended to identify forward-looking information. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the Company’s actual results,
level of activity, performance or achievements to be materially
different than those expressed or implied by such forward-looking
information. Such factors include but are not limited to:
statements, projections and estimates with respect to the Offering,
including the terms, timing and completion thereof, the use of
proceeds of the Offering, the resale restrictions of the securities
issued pursuant to the Offering, the issuance of the Units pursuant
to the Listed Issuer Exemption uncertainties related to the ability
to raise sufficient capital; changes in economic conditions or
financial markets; litigation, legislative or other judicial,
regulatory, legislative and political competitive developments;
technological or operational difficulties; the ability to maintain
revenue growth; the ability to execute on the Company’s strategies;
the ability to complete the Company’s current and backlog of solar
projects; the ability to grow the Company’s market share; the high
growth US solar industry; the ability to convert the backlog of
projects into revenue; the expected timing of the construction and
completion of the 565-kW and 872 KW Tennessee solar project; the
ability to predict and counteract the effects of COVID-19 on the
business of the Company, including but not limited to the effects
of COVID-19 on the construction sector, capital market conditions,
restriction on labour and international travel and supply chains;
potential corporate growth opportunities and the ability to execute
on the key objectives in 2024. Consequently, actual results may
vary materially from those described in the forward-looking
statements.
“Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release."
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